The International Monetary Fund (IMF) has provided Iraq with a $ 5.3 billion concessional loan, the prime minister’s adviser for finance said.
The appearance of Mohammed Saleh that the fund will provide Iraq with an additional international financial umbrella about $ 13 billion, from industrialized countries or the International Bank, or postpone the compensation of the war in Kuwait, according to the agency.
Through the second review, the Fund aims to increase Iraq’s non-oil revenues, enable it to repay its debts, and support the country’s macroeconomic stability.
At the beginning of July 2016, the IMF approved a $ 5.34 billion reserve arrangement for Iraq, which allowed Iraq to spend $ 634 million in the same month.
It should be noted that in 2015, Iraq relied on foreign exchange reserves to finance the balance of payments, thus reducing the foreign reserves to $ 50 billion, compared to $ 74 billion in 2013.